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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Primorus Investments Plc | LSE:PRIM | London | Ordinary Share | GB00BKTCLJ25 | ORD 0.2P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.15 | -4.41% | 3.25 | 3.00 | 3.50 | 3.40 | 3.25 | 3.40 | 75,021 | 08:04:41 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Investors, Nec | 0 | -1.48M | -0.0106 | -3.07 | 4.54M |
TIDMPRIM
RNS Number : 3394L
Primorus Investments PLC
10 September 2021
Primorus Investments plc ("Primorus" or the "Company") Interim Results for the six months ended 30 June 2021
Primorus Investments plc (AIM: PRIM) is pleased to announce its interim results for the six months ended 30 June 2021.
Overview
Primorus has a strong balance sheet with no debt and with total assets (including cash of GBP1.346 million) as at 30 June 2021 amounting to GBP9.17 million (30 June 2020: GBP8.09 million).
The last six months have been a very busy time at Primorus. The Board has spent considerable time reorganising the Company and its balance sheet to provide investors with what it believes to be a low cost, high impact strategy underpinned by the revised investing policy.
The Board has reduced the overall operating costs, appointed a new Chief Executive, fully appraised all the current investments, and pursued new investment opportunities.
The results of the appraisal of its existing investments led to the Company increasing its holdings in Fresho and Engage which, along with Zuuse, are the three companies (from investments made prior to November 2020) that the Board believes will deliver the greatest shareholder returns.
In addition to the above, in April the Company made a new investment into Mustang Energy PLC to gain exposure to the vanadium flow battery storage market. The Board believes that this sector, along with other forms of renewable energy and clean technology, is going to be a financially rewarding market to be invested in.
Financial Results
The operating loss for the six months to 30 June 2021 was GBP115,000 (30 June 2020: GBP3.29m profit). The net loss after tax was GBP115,000 (30 June 2020: GBP3.29m profit).
Total assets, including cash, at 30 June 2021 amounted to GBP9.17 million (30 June 2020: GBP8.09 million).
Outlook
The Board remains confident that significant opportunities exist for the Company going forward. We look forward to the remainder of 2021 being a period in which we can further demonstrate our business model which is now underpinned by the new investing policy.
The Board are currently reviewing several exciting investment opportunities that are aligned with the new investing policy. The Board has been screening several opportunities and has identified at least one that could begin to generate value for shareholders this calendar year.
We look forward to updating shareholders as and when our existing investments mature, and new investments present themselves.
The Directors would like to take this opportunity to thank our shareholders, staff and consultants for their continued support.
Rupert Labrum Chairman
10 September 2021
This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.
For further information please contact:
Primorus Investments plc Matthew Beardmore, Chief Executive Officer +44 (0)20 8154 7907 Nominated Advisor Cairn Financial Advisers LLP James Caithie / Sandy Jamieson +44 (0) 20 7213 0880
Unaudited Condensed Company Statement of Comprehensive Income
for the six months ended 30 June 2021
6 months to 6 months to Year to 30 June 30 June 31 December 2021 2020 2020 Unaudited Unaudited Audited Notes GBP'000 GBP'000 GBP'000 Continuing operations Revenue Investment income 48 1 14 Realised gain on disposal of financial investments 107 834 6,033 Unrealised gain/(loss) on market value movement of financial investments (21) 2,715 (323) Total gains on financial investments 134 3,550 5,724 ------------ ----------- ----------- Share based payments (13) - - ------------ ----------- ----------- Operating costs (236) (258) (475) ------------ ----------- ----------- Impairment of financial investments - - (633) ------------ ----------- ----------- (Loss)/Profit before tax (115) 3,292 4,616 Taxation - - (447) ------------ ----------- ----------- (Loss)/Profit for the period attributable to equity shareholders of the company (115) 3,292 4,169 ------------ ----------- ----------- - - - Other comprehensive income Total Comprehensive Income for the year attributable to equity shareholders of the company (115) 3,292 4,169 ------------ ----------- ----------- (Loss) per share: Basic profit/(loss) per share (pence) 2 (0.08) 2.35 2.98 Diluted profit/(loss) per share (pence) 2 (0.08) 2.09 2.98
Unaudited Condensed Company Statement of Financial Position
as at 30 June 2021
30 June 30 June 31 2021 2020 December 2020 Unaudited Unaudited Audited Notes GBP'000 GBP'000 GBP'000 ASSETS Non-current assets Financial investments 6,998 7,390 4,612 --------- --------- -------- 6,998 7,390 4,612 --------- --------- -------- Current assets Investments 812 - 113 Trade and other receivables 14 22 3 Cash and cash equivalents 1,346 676 4,673 --------- --------- -------- 2,172 698 4,789 --------- --------- -------- Total assets 9,170 8,088 9,401 --------- --------- -------- EQUITY Equity attributable to equity holders of the parent Share capital 15,391 15,391 15,391 Share premium account 35,296 35,296 35,296 Share based payment reserve 13 683 - Retained earnings (42,016) (43,321) (41,901) --------- --------- -------- Total equity 8,684 8,049 8,786 LIABILITIES Current liabilities Trade and other payables 486 39 502 Loans and borrowings - - 113 --------- --------- -------- Total liabilities 486 39 615 --------- --------- --------
Total equity and liabilities 9,170 8,088 9,401 --------- --------- --------
Unaudited Condensed Company Statement of Changes in Equity
for the six months ended 30 June 2021
Share based Total Share Share payment Retained attributable capital premium reserve earnings to owners of parent Unaudited GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance at 31 December 2019 15,391 35,296 683 (46,613) 4,757 =============== ==================== ================ ================ ==================== Profit for the period - - - 4,169 4,169 --------------- -------------------- ---------------- ---------------- -------------------- Total comprehensive income for the period - - - 4,169 4,169 Termination and settlement of share options - - (140) - (140) Cancellation of share options - - (543) 543 - --------------- -------------------- ---------------- ---------------- -------------------- Balance at 31 December 2020 15,391 35,296 - (41,901) 8,786 =============== ==================== ================ ================ ==================== Loss for the period - - - (115) (115) --------------- -------------------- ---------------- ---------------- -------------------- Total comprehensive income for the period - - - (115) (115) Share based payment 13 - 13 Balance at 30 June 2021 15,391 35,296 13 (42,016) 8,684 =============== ==================== ================ ================ ====================
Unaudited Condensed Company Statement of Cash Flows
for the six months ended 30 June 2021
6 months to 6 months to Year to 30-Jun-21 30-Jun-20 31-Dec-20 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Cash flows from operating activities Operating profit/(loss) (115) 3,292 4,616 Adjustments for: (Profit)/Loss on disposal of financial investments (107) (835) (6,033) Fair value movement on listed investments 21 (2,716) 323 Impairment provision on unlisted investments - - 633 Decrease/(increase) in trade and other receivables (11) (7) 12 Increase/(decrease) in trade and other payables (16) (69) (53) Foreign exchange loss/(gain) 81 (2) (65) Share based payment 13 - (140) Taxation (paid) - - - --------- ----------- --------- Net cash used in operating activities (134) (337) (707) Cash flows from investing activities Disposal proceed from sale of financial investments 2,533 1,048 6,939 Payment for financial investments (5,613) (80) (1,737) --------- ----------- --------- Net cash (used in) investing activities (3,080) 968 5,202 Net change in cash and cash equivalents (3,214) 631 4,515 --------- ----------- --------- Cash and cash equivalents at beginning of period 4,560 45 45 --------- ----------- --------- Cash and cash equivalents at end of period 1,346 676 4,560 --------- ----------- ---------
Notes to the condensed interim financial statements
1. General Information
The condensed interim financial information for the 6 months to 30 June 2021 does not constitute statutory accounts for the purposes of Section 434 of the Companies Act 2006 and has not been audited or reviewed. No statutory accounts for the period have been delivered to the Registrar of Companies.
The condensed interim financial information in respect of the year ended 31 December 2020 has been produced using extracts from the statutory accounts for that period. Consequently, this does not constitute the statutory information (as defined in section 434 of the Companies Act 2006) for the year ended 31 December 2020, which was audited. The statutory accounts for this period have been filed with the Registrar of Companies. The auditors' report was unqualified and did not contain a statement under Sections 498 (2) or 498 (3) of the Companies Act 2006.
The auditor's report was approved by the Directors on 07 June 2021 and is available on the Company's website at www.primorusinvestments.com .
Basis of preparation and accounting
The financial information has been prepared on the historical cost basis. The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Chairman's Statement. This statement also includes a summary of the Company's financial position and its cash flows.
These condensed interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union with the exception of International Accounting Standard ('IAS') 34 -- Interim Financial Reporting. Accordingly, the interim financial statements do not include all of the information or disclosures required in the annual financial statements and should be read in conjunction with the Company's 2020 annual financial statements.
2. Earnings per share
Earnings per ordinary share has been calculated using the weighted average number of shares in issue during the period. The weighted average number of equity shares in issue was 139,830,968. IAS 33 requires presentation of diluted EPS when a company could be called upon to issue shares that would decrease earnings per share or increase the loss per share.
Six months Six months Year ended to to 30 June 30 June 31 December 2021 2020 2020 (Unaudited) (Unaudited) (Audited) restated (GBP'000) (GBP'000) (GBP'000) Net profit/(loss) attributable to equity holders of the company (115) 3,292 (401) Weighted average number of shares 139,830,968 139,830,968 139,830,968 Weighted average number of diluted shares 151,830,968 157,630,968 139,830,968 Basic (loss)/profit per share (pence) (0.08) 2.35 2.98 Diluted (loss)/profit per share (pence) (0.08) 2.09 2.98 ------------------------------------------- ----------- ----------- ----------- 3. Events after the reporting date
There are no events after the end of the reporting date to disclose that have not already been the subject of an announcement by the Company.
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(END) Dow Jones Newswires
September 10, 2021 02:00 ET (06:00 GMT)
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